VinFast's practical financial policies are an opportunity for Vietnamese users to own electric cars, while strongly promoting the green transition process in Vietnam.

"Electrification" of transportation is focused on by governments around the world.

From financial support policies for electric vehicles around the world...

According to market research firm Rho Motion, global sales of pure electric and hybrid vehicles will reach 13.6 million units in 2023, up 31% from 2022. Of these, pure electric vehicles will account for 9.5 million units and hybrid vehicles will account for 4.1 million units. Pure electric vehicle sales will increase by 50% in the US and Canada, while increasing by 27% and 15% in Europe and China in 2023.

The spectacular growth of electric vehicle sales in recent years, in addition to the investment factor of the "big guys" in the automobile industry, is partly due to the financial support policies of governments of countries. To stimulate demand and support people to make decisions to buy electric vehicles faster, since 2020, governments around the world have spent 14 billion USD on direct incentives or deductions when buying electric vehicles.

For example, in China, a subsidy policy with a refund of up to 8,300 USD for electric car buyers in the period of 2012 - 2022 has helped the electric car industry explode. Currently, China's electric car sales have reached 7.6 million units, accounting for about 55.5% of the global market and growing continuously.

In the US, with the Inflation Reduction Act (IRA) passed and effective from January 1, 2023, buyers of electric vehicles will receive a maximum subsidy of up to $7,500. Thanks to that, compared to 2022, sales of electric vehicles in the US market in 2023 have exceeded 40%.

In Europe, to boost the electric vehicle market, the French government has implemented the “Green Promotion” program. Accordingly, from January 1, 2023, electric vehicle buyers in France will receive a maximum government subsidy of up to 7,000 Euros. Similarly, Spain also supports electric vehicle buyers with a maximum of 6,000 Euros. According to Canalys data, 3.2 million electric vehicles were sold in Europe in 2023 alone.

From these results, according to experts, solving financial problems for users has been playing an important role in stimulating and creating changes in consumer behavior. However, this is not an easy solution because it requires a lot of resources. Therefore, in addition to the general policy of the State, many large automobile manufacturers in the world often do not proactively support users in this way.

...To VinFast's green transformation efforts

In Vietnam, along with positive government incentives for electric vehicles such as: free registration, reduced special consumption tax... VinFast is the pioneer electric vehicle company offering particularly good financial solutions, helping to "solve" problems for customers when buying electric vehicles.

Users benefit from VinFast's preferential policies in the second "Fierce Vietnamese Spirit" campaign.

As part of the second “Fierce Vietnamese Spirit” campaign launched on February 29, 2024, VinFast for the first time applies the “3 best” installment car purchase incentive package including the longest loan term - up to 8 years; highest loan value - up to 80% of the car price and the most attractive interest rate. All interest support costs and risks arising during the 8 years will be supported by the company.

In addition, customers who own a VinFast gasoline car will receive an additional 5% discount on the car's selling price, and receive a gratitude maintenance package worth up to 5 million VND.

Observers say this is one of VinFast’s most aggressive programs to date. These moves will be a catalyst to help people easily switch from internal combustion engine vehicles to pure electric vehicles.

In fact, within just 2 years after VinFast launched the VF e34, electric cars have become a popular means of transport, widely accepted by users. In 2023, VinFast's electric car sales reached nearly 35,000 vehicles, a 5-fold increase compared to the number of electric cars the company delivered in 2022.

VinFast's policy strongly supports customers to switch to electric vehicles.

These figures show that VinFast's green transformation efforts have been gaining the trust of Vietnamese consumers. In addition, VinFast is also a rare enterprise that has received much recognition and support from international organizations. Many prestigious organizations such as the Asian Development Bank (ADB), the US International Development Finance Corporation (DFC)... have shown their desire to accompany and support the Vietnamese car company to promote the development of electric vehicles in Vietnam, towards a net zero emission level.

Recently, at the “Make the Future Green” award ceremony within the framework of the Vietnam Innovation Conference 2023, VinFast was awarded the prestigious “Outstanding Green Industrial Project” award by Autobest (a long-standing car evaluation organization in Europe).

Speaking earlier, Associate Professor Dr. Dinh Trong Thinh said that VinFast has proven its ability and stature to create changes in the green mobility sector. However, the expert also said that in order to achieve even stronger changes, VinFast needs to have a good "backing" right from within the country, including the support of the business community, consumers and especially timely support from the State.

“Many issues need joint efforts such as developing charging station systems, policies to encourage users to switch to green vehicles... This is not about incentives or support for specific businesses but for the entire automobile industry and more broadly, the national economy.” - Associate Professor, Dr. Dinh Trong Thinh commented.

NL